Subsection (8) was inserted by S.I. Danielle Baker . In this section, “appropriate regulator” means—. This section applies where a supervisory notice, decision notice or final notice relates to the imposition of a sanction or measure to which Article 32 of the insurance distribution directive applies. “applicable provisions” means the host state rules with which the firm is required to comply when providing services in the EEA State concerned; made in accordance with the insurance distribution directive; and. 544] Part II Specified activities (arts. 2015/575, S.I. where the firm is a PRA-authorised person, the FCA or the PRA; Publication of directions under section 203C, Subject to subsection (2), a direction under section 203C must be published by the appropriate regulator in the way appearing to the appropriate regulator to be the best calculated for bringing it to the attention of—. 2013/1773 and amended by S.I. Because of frequent and recurrent poor practice, the Joint Committee on Statutory Instruments has recently published a special report, Transparency and Accountability in Subordinate Legislation, to remind the Government of the need for new law to be published promptly, so that those affected by the changes it makes are protected from being subjected to them before they have had a reasonable opportunity to understand and prepare for them. (b)the firm’s name, address and where applicable, its registration number; (c)the category of intermediary and if applicable, the name of any insurance or reinsurance undertaking represented; (d)the Member State or Member States in which the intermediary intends to operate; and. In deciding whether to publish the direction, the appropriate regulator must consider whether publication—. 2006/2975, S.I. (6) In this article, “insurance distribution directive” means Directive (EU) 2016/97 of the European Parliament and of the Council of 20 January 2016 on insurance distribution (recast) as amended by Directive (EU) 2018/411 of the European Parliament and of the Council of 14 March 2018. In this section “appropriate regulator” means—, The FCA and the PRA must give the Commission information about any general difficulties which UK insurance distributors encounter—. In a sukuk structure there is much more risk to the investor than there would be in a traditional government bond structure. More recently, we took measures in the Finance Act 2018 to afford such instruments the same tax treatment enjoyed by conventional bonds when traded on new types of trading venue. in the definition of “connected contract of insurance”—, 600 euro or less (calculated on a pro rata annual basis), or. This Part amends the principal Order. 7C.—(1) An EEA firm which is exercising an EEA right in the United Kingdom deriving from the insurance distribution directive must not make a material change to any of the matters referred to in regulation 2(9) or regulation 3(4) as the case may be unless the relevant requirements have been complied with. My Lords, the UK and London are world-leading financial centres, providing access to a wide pool of investors and international capital. In Schedule 3A (regulated sector and supervisory authorities) of the Terrorism Act 2000(64)—, (a)in paragraph 1(1)(f) (business in the regulated sector), for “Article 2(5) of the Insurance Mediation Directive, other than a tied insurance intermediary as mentioned in Article 2(7) of that Directive” substitute “Article 2.1(3), and an ancillary insurance intermediary as defined in Article 2.1(4), of the Insurance Distribution Directive”; and, (i)omit the definition of “the Insurance Mediation Directive”; and, (ii)after the definition of “the Emission Allowance Auctioning Regulation”(65) insert—. The requirements of this paragraph are that—, the firm has given a notice to its home state regulator stating the details of the proposed change; and. I want to prioritise my remarks, if I may, by taking probably the most important point first. The reason why that matters is that it basically shifts where the risk lies. My understanding is that these are not debt securities but asset-backed securities, and it is hoped that these platforms will change their rules so that it can be done. There are amendments but none are relevant. If the need for amendments was really so pressing, the draft order should have been laid before Parliament much earlier, with a commencement date of 1 April 2018 to coincide with the tax changes referred to in the Treasury’s memorandum. (10) If circumstances exist which enable the appropriate regulator to exercise its power of intervention under subsection (4), the appropriate regulator may refer the matter to EIOPA and request its assistance in accordance with Article 19 of Regulation (EU) No 1094/2010 of the European Parliament and of the Council of 24 November 2010 establishing a European Supervisory Authority (European Insurance and Occupational Pensions Authority)(20). “(c)“applicable provisions” means the host state rules with which the firm is required to comply when providing services in the EEA State concerned; (i)made in accordance with the insurance distribution directive; and. The UK Benchmarks Regulations 2018 therefore make various changes as a result of the benchmarks regulation including the following: (a) they introduce a new regulated activity: administering a benchmark (article 63S of the Regulated Activities Order); (b) 2011/2701. After all, the crisis was caused by the way in which clever instruments reacted with each other. Item (27A) of Schedule 1 was inserted by section 161(3) and Schedule 3 of the Education (Update) Amendment Act 2017, but is not yet in force. Subject to subsection (4), where the regulator gives a final notice, it must, without undue delay, publish on its official website information on the type and nature of the breach and the identity of the person on whom the sanction or measure is imposed. Paragraph (4) was inserted by S.I. (Undertaking Regulated Activities regarding Human Remains) 2018. (2) In article 2(2) (qualifying EU provisions: general), after sub-paragraph (k) insert—. 20. 2017/1127 and S.I. 2003/1473 and amended by paragraph 11 of Schedule 4 to the Financial Services Act 2012. Where a person, other than an ancillary insurance intermediary carrying out insurance distribution activities falling within Article 1.3 of the insurance distribution directive (the text of which is set out in Part 1 of Schedule 4)—, for remuneration, takes up or pursues insurance distribution, or reinsurance distribution, in relation to a risk or commitment located in an EEA State, and. ... (Jersey) Order 2005 [32] for the words “in any class of premises to which the Nursing and Residential Homes (Jersey) Law 1994 applies” there are substituted the words “in premises that are provided as part of a care home service within … Schedule 4 was inserted by S.I. This Order implements parts of Directive (EU) 2016/97 of the European Parliament and of the Council of 20 January 2016 on insurance distribution (recast) (OJ L26 2.2.2016 p.19) (“the Directive”). The order adds two types of financial trading venue—so-called multilateral trading facilities and organised trading facilities—to the list of permitted venues for alternative finance investment bonds.
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